California has millions of young adults living at home with parents because they are unable to venture out into an expensive rental or a dilapidated crap shack costing close to $1 million. It is interesting to see many articles written by baby boomers sporting beer guts and how Millennials are ‘destroying’ many industries like chain restaurants (i.e., TGIFs, Buffalo Wild Wings, etc) or retail stores (i.e., Sears, K-Mart, etc), or are simply not buying homes. Of course Millennials have different habits. And getting stuck with an absurd 30-year mortgage on a dump is not a big aspiration for many. They are more into health and wellness, life experiences, and many are delaying marriage. So why do they need a home? The data is backing all of this up of course contrary to the house humpers that continue to sing the praises of $1 million crap shacks. California is in a major rental revolution. And Millennials will continue to live at home in mass for a few reasons.
This post was published at Doctor Housing Bubble on June 10, 2017.